Cartersville |
Code of Ordinances |
CODE OF ORDINANCES |
Chapter 16. PERSONNEL |
Article II. EMPLOYEE BENEFITS |
Division 2. RETIREMENT PLAN |
§ 16-51. Adopted; short title; definition.
(a)
The Cartersville Retirement Plan was created on April 15, 1973 with Lincoln National Life Insurance Company, Fort Wayne, Indiana, and in 2011 the plan's assets have been transferred over to Benefit Trust Company, a Kansas company, a copy of which is on file in the office of the city manager. The retirement plan and all of its business shall be transacted and all of its funds shall be invested by WRS; and all of its cash, securities and other property shall be held in trust by Benefit Trust Company, for the purposes set forth in this plan.
(b)
As used in this division, "retirement plan" or "plan" means the Cartersville Retirement Plan as incorporated in subsection (a).
(c)
That the second amendment to the plan most recently adopted and restated on April 28, 2011, is adopted as amended and restated as of the date of the adoption by the city council being January 5, 2017. A copy of the second amendment to the plan is kept by and maintained at the city clerk's office. This plan covers employees hired before January 1, 2017.
(d)
This third amendment to the city pension plan is adopted November 16, 2017, which shall be effective December 1, 2017. A copy of said plan shall be kept by and maintained in the city clerk's office.
(e)
That the 2017 pension plan is adopted as of the date of the adoption by the city council being January 5, 2017. A copy of the 2017 pension plan is kept by and maintained at the city clerk's office. This plan covers employees hired on or after January 1, 2017.
(f)
This first amendment to the 2017 pension plan adopted November 16, 2017, shall be effective December 1, 2017. A copy of said plan is kept by and maintained by the city clerk's office.
(g)
Upon adoption of an amendment to the pension plan, the proper officers of the employer and the pension board are hereby authorized and directed to take each other and further action on the advice of counsel, including the making of additional amendments not inconsistent with the general tenor of the foregoing, so that the plan, as amended, continues to meet the qualification requirements of Section 401(a) of the Internal Revenue Code of 1986, as amended (the "code"), and the implementing trust thereunder continues to be tax-exempt under said code, and the 2017 plan satisfies the qualification requirements of Section 401(a) of the code, and the implementing trust thereunder is tax-exempt under said code.
(Code 1976, § 2-3021; Ord. No. 17-02, 4-4-02; Ord. No. 07-11, 2-17-11; Ord. No. 01-17, § 1, 12-15-16; Ord. No. 34-17, 11-16-17)